Top 8 Nigeria banks to get loan without collateral

Top Nigeria Banks to get unsecured loans for business and personal use

If you were told that you can walk to a bank an obtain loan without collateral; unsecured loan, would you have believed? You see, knowledge is power. There are more than 10 banks ready to borrow you money without asking you for collateral.

So many people are of the notion that Salary advance, payday, overdraft, business loan, personal loan and the likes are not easy to obtain from different banks in Nigeria without terms and conditions. Of course, there must be terms and conditions but most of them do not have collateral.

And although many people frown at those trying to obtain a loan the truth is, sometimes we find ourselves at a dead end where the only way out is to borrow money. There are different platforms to borrow money in this 21st century and more lenders are rising up. In fact, borrowing money has become so easy these days because you can actually get a loan without any form of human contact with the lenders.

Realising the rise of loan and how this new faces (money lenders) are helping individuals and businesses survive with unsecured loan, many Nigeria banks are now taking up the challenge. Now almost all banks in Nigeria can borrow or loan you money up to 5,000,000 without collateral.

I prefer to borrow money from banks than other online money lendings because your profile, privacy, security number etc are safe with banks. I am about to reveal to you the banks that can offer you a loan with collateral but you have the sole responsibility to do more research before you venture to seek out a loan.

Furthermore, don’t think that only small business startups can have access to this bank loan. No! Individuals and large business owners can also access bank loans without collateral.

These are the top banks that can offer you a loan without collateral in Nigeria

FCMB Loan without a collateral

First City Monument Bank (FCMB) Limited is a member of FCMB Group Plc, which is one of the leading financial services institutions in Nigeria with subsidiaries that are market leaders in their respective segments. Having successfully transformed into a retail and commercial banking-led group, FCMB expects to continue to distinguish itself by delivering exceptional services, while enhancing the growth and achievement of the personal and business aspirations of our customers.

FCMB has the following loans without collateral

Auto loan

Salary top-up loan

Fastcash loan

Premium salary loan

FCMB FastCash loan without collateral: is a convenient, paperless credit facility with no collateral required for your emergencies and urgent needs. It is an instant loan and the application is through our USSD code *329#.

FastCash for FCMB Customer

Instant access to funds

Up to N100,000 loan amount

No paperwork required, just apply through *329#.

No collateral needed 30 days clean upcycle

Customer can apply as many times in a year as he is qualiﬁed.

FastCash for FCMB Non Customer

Instant access to funds

Up to N200,000 loan amount

1 – 3 months’ loan tenor

No paperwork required, just apply through *329#, register as a wallet customer and apply.

No collateral needed

For Salary earners working under Federal government, whose salary is being paid through REMITA payment platform.

Customer does not need to open a salary account with FCMB as the loan will be disbursed to his/her salary account wherever it is domicile

FCMB Standard Auto Loan without collateral: It enables customer purchase vehicles from auto dealers who have been prequaliﬁed and have agreed on an SLA with the bank

Salary top-up loan is a credit scheme available to salary account holders. Prequalification is done based on criteria such as up-to-date salary, no missed repayments on loans within the last 6 months and categorized employer.

You can apply for this loan in 2 easy ways:

Loan top-up via FCMB Online

Salary plus top up at Branch

FCMB Premium salary loan without a collateral

Premium Salary Plus loan provides conﬁrmed staﬀ of commercial organizations more useable funds. The employee’s organization must have been rated on Moody’s with a minimum A- rating, and eligible employees interested in the product must earn a minimum monthly income of N100, 000.00.

The employee must earn a minimum of N100,000 to qualify for the FCMB Premium Salary Plus Loan

WEMA bank loan without collateral

Wema Bank is the pioneer of Africa’s first fully digital bank ALAT and one of Nigeria’s most resilient banks. With over 73 years in the business of banking, the bank has remained innovative in delivering value to its stakeholders. The Bank is constantly introducing products and services tailored to the needs of its customers at every stage of their lives. It is a proud partner to more than one million individuals, families and businesses across Nigeria, helping them achieve their personal and financial goals.

WEMA bank Personal Loan (Fixed Term Loan)

If you are employed by a recognized organization and you operate a Salary Current or Savings Account with WEMA bank, and you need a loan, you can majestically walk into WEMA bank and request for Personal Loan.

Features WEMA bank Personal Loan

Available to existing salary account holders, based on salary domiciliation.

New customers, will in addition to salary domiciliation, provide evidence of consistent salary payment for the most recent 3 months.

The maximum loan amount is 7 multiples of net monthly salary, subject to a maximum of N2 million

Maximum loan tenor of 36 months.

Loan Top-up available after 6 months of regular monthly down payments.

48 hours loan disbursement.

Available to confirmed employees only.

Apply for loans & overdrafts at the convenience of your office

Low turnaround time for loan & overdraft disbursement (48 hours)

Zero account maintenance fee on the current account

Access to mobile & Internet Banking services

Requirements WEMA bank Personal Loan

Duly completed loan application form & executed offer section

Letter of Introduction signed by an authorized signatory of employer

An irrevocable letter of salary domiciliation (duly executed by employer’s authorized signatory). Please note that the signatories must be independently verified by a representative of Wema Bank

Proof of income (3 months’ pay slip or 3 months account statement)

Proof of address (Physical visitation and report by bank representative) supported with a copy of recent utility bill

WEMA bank unsecured business loan

WEMA bank also offers unsecured business Loan designed to boost the working capital of an existing business in order to aid its growth.

The requirement for WEMA bank unsecured business loan

Completed loan Application Form.

Two passport photographs

Company profile

Executed Personal and/or Corporate Guarantee form by an acceptable Guarantor

Statement of net-worth-duly completed by the Guarantor

At least three (3) months bank account statement from Wema Bank and three (3) months from previous/other banks (s). Other banks’ statement must be on letterhead and signed by the bank official with stamps

Residential Utility bill and Customer Visitation form for borrower and guarantor.

Business Utility bill and Customer Visitation form for borrower and guarantor.

Business Questionnaire form (To be completed by the Relationship manager/ officer

Customer should provide a guarantor who will submit undated cheque covering the value of the loan

Stanbic IBTC Loan without collateral

Another Nigerian Bank that offers unsecured business or personal loans is Stanbic IBTC. As a salary account holder or a business that needs help with working capital financing – overdrafts, LPO financing or invoice discounting, you get access to loans to help you meet your needs with minimal fuss.

They can provide you with a business loan which you can repay over one to five years. You repay the loan in monthly set instalments. Whatever your business plans, their fixed or revolving business loans can help you reach your goals.

Stanbic IBTC Unsecured Business loan

If your business needs short-term financing then a Fixed Term Loan (FTL) may be useful. It’s a loan that offers you the same interest rate and repayments throughout the term of the loan. This type of loan does not need any collateral and you will know the exact date on which the repayments end.

Benefits of Stanbic IBTC Unsecured Business loan

Where you use the loan to buy an asset, the asset becomes yours when you make the last payment.

Personal statements of assets and liabilities of all the partners, members or directors.

A 12-month cash flow forecast.

The amount of your own contribution and the source of the funds.

If you do not have a business account with Stanbic IBTC Bank you must provide the business’ bank statements for the past six months

Stanbic IBTC unsecured Personal loan

If you need short term financing then a Fixed Term Loan (FTL) is for you. It’s a personal loan that offers you the same interest rate and repayments throughout the term of the loan. This type of loan does not need any collateral and you will know the exact date when the repayments end.

Benefits of Stanbic IBTC unsecured Personal loan

Low-interest rates

You can access credit of up to 100% of your income

Requirements for Stanbic IBTC Unsecured Personal loan

You must have been with your current employer for six months or longer.

Your salary must be domiciled with us.

You need to be permanently employed or be a contract worker at an approved company with valid contract terms.

You have to be a Nigerian citizen with permanent residency.

You should earn a minimum net monthly income of N20,000.

Must be 21 years or older (but not older than 60 years on the expiration of the facility).

You must have a satisfactory credit bureau report.

Zenith Banks loan without a collateral

Ideas capable of reshaping our world often require vast sums of money to bring to life. If you have a business idea, then Zenith bank invites you to obtain an unsecured loan. Zenith Bank Plc, founded by Jim Ovia in 1990, has since grown astronomically to become one of the leading financial institutions in Africa. Zenith Bank Plc currently ranks as the 6th biggest bank in the continent.

For example; Zenith bank LPO Finance is a special kind of loan made available to borrowing customers to finance the supply of materials or execution of specific supply contracts to reputable organizations while Overdraft is a type of loan which allows the borrower/obligor to draw a certain amount in excess of the credit balance in their current account within a specified tenor usually not exceeding Twelve months.

And if you’re into Beauty/Style, Confectionery and Fitness, you can get a loan with 12-month tenor Loan tenor. You must have a business account with Zenith bank of not less than 6 months old and must be categorised in any of the approved sectors.

Fidelity bank loan without collateral

Fidelity bank recently won accolades as the Best SME Friendly Bank, Best in Mobile Banking and the Most Improved Corporate/Investment Bank among several industry awards and recognition. The Bank was also ranked the 4th Best Bank in the Retail Banking Segment in the 2017 Banking Industry Satisfaction Survey conducted by KPMG.

Fidelity Easy Asset Leasing Scheme (FEALS)
Fidelity bank through their Fidelity Easy Asset Leasing Scheme (FEALS), offers unsecured business or personal loans is customers. FEALS has been designed for the acquisition of household appliances, brand new vehicles, generators, inverters, laptops and much more.

First Bank loan without collateral

First Bank of Nigeria Limited (FirstBank) is Nigeria’s premier commercial bank and most valuable banking brand. With over 10 million active customer accounts and more than 750 business locations, we provide a comprehensive range of retail and corporate financial services to customers and investors wishing to explore the vast business opportunities available in Nigeria and our business locations across Africa, Europe, Middle East and Asia.

FirstEdu unsecured Loan

FirstBank which remains one of the apex banks in Nigeria also offers unsecured loan to school owners. This Loan is called FirstEdu loan and it is available to Private schools owners who require extra funds for the smooth running of their school operations.

Features of First Bank FirstEdu loan

The tenor is up to 90 days.

Maximum Loan Amount is N10m.

Collateral is undertaking to domicile school fees with FirstBank.

The school must have been in account relationship with FirstBank for a minimum period of 9 months.

Available only to private schools that are duly registered with CAC.

The school must have a minimum student population of 100.

Benefits of FirstEdu loan

Convenient means to finance working capital needs.

Accompanying Documents

Evidence of Government Approval of school.

School Memorandum and Articles of Association (MEMART) where applicable.

Polaris bank loan with a collateral

Another Nigerian Bank that offers unsecured business or personal loans is Polaris Bank. Nigeria’s top financial institutions with over 373 branches and cash centres across Nigeria offering premium financial services. It operates as a group that provides facets of financial products and services powered by a purpose-built technological framework that supports the service delivery process to customers.

This bank supports different forms of loan called SBG Fast-track such as SME loans, retail loans for parents and teachers, auto loans, salary advancement etc. Nurturing businesses for growth means bridging identified gaps in your client’s business. One of those gaps is the funding gap and as such, Polaris Bank has the following loan solutions for SME customers;

The maximum loan amount is N10 million per obligor at every given time

Loan Type

Pricing

Purpose

Asset Financing

SME friendly

Equity Contribution: 20%

Tenor: Max. 36 months

To purchase school buses or generating set not less than 15KVA

Short Term Loan

SME friendly

Tenor: Max. 12 months

Max. loan amount must not be tied to more than 20% of annual turnover subject to a maximum of N10 million

Tenor: Max. 90 days with an option of 45 days or 30 days to fee collection

Max. loan amount must not be tied to more than 50% of the school collections for a term, subject to a maximum of N10 million

To provide working capital to schools for payment of salaries, purchase of stationery, repairs, etc

Retail Loans for Parents and Teachers

Polaris Bank also offers a range of retail loans to address the funding needs of parents to pay school fees and also for teachers to bridge working capital against their salaries. The following are the retail loans and their features

Personal Term Loan: This can be used by parents, who work in well-structured organizations, to pay school fees.

Features of Polaris bank Personal Term Loan:

Maximum loan amount of N5million.

Maximum facility tenor of 36months.

Pricing is highly competitive.

Repayment shall be from salary domiciliation.

Polaris bank Salary Advance: This can be used by teachers to bridge personal funding gap against next payday.

Features of Polaris bank Salary Advance

Maximum loan amount of 70% of monthly net income.

Maximum facility tenor of 30 days.

Pricing is highly competitive.

Repayment shall be from salary domiciliation.

Polaris bank Salary Overdraft: This can be used by teachers to augment personal cash flow as the need arises.

Features of Polaris bank Salary Overdraft:

Maximum loan amount of 100% of monthly net income.

Maximum facility tenor of 12 months with a 30-day cleanup cycle per tranche.

Equipment or Machines used for the production process in Manufacturing Companies (subject to approval).

Turnover of obligor must be adequate for timely repayment

LPO Financing Facility

Max. Amount: N20 million

Tenor: Max. 180 days

SME friendly

Invoice Discounting

Max. Amount: N20 million

Tenor: Max. 180 days

SME friendly

Please note that all other loan amounts above the specified maximum limits can still be accessed subject to our minimum risk acceptance criteria.

UBA loan without collateral

Another Nigerian Bank that offers unsecured business or personal loans is UBA. This bank is ready to assist you with constant cash support, month in and month out, longer-tenure credit, flexible payment plan and lower equity. UBA offers several unsecured loans but the most popular loans are No Wahala Loan and Personal Overdraft.

UBA No Wahala Loan

The UBA “’No Wahala’ Loan” is a personal loan that means just that: “no problem”. With this loan, you have the freedom to spend a little more on what you really want. You may need some extra cash to fix your car, pay medical bills or take care of other exigencies. How you chose to use your loan is up to you.

Benefits UBA No Wahala Loan

No deposit and invoices are required

Fast, simple and convenient

Convenient repayment terms

Competitive interest rates

Who Can Get a No Wahala Loan

Anyone with a UBA salary account

UBA Personal unsecured Overdraft

Personal Overdraft is a short-term facility that allows you to overdraw your current account for 6 months, up to a maximum amount of N3 million. You repay only 5% of the amount borrowed every 30 days when your salary is paid.

Benefits UBA Personal Overdraft

By having to repay 5% every month till the end of the 6 months tenure, when you have to repay the total outstanding, you are assisted in managing your finances

Gives you the money you need when you do not have sufficient funds in your account

UBA Personal Overdraft is meant for these categories of individuals

Executives, partners and mid-level management staff of reputable organisations in the private or public sector who are confirmed and earn an after-tax annual income of N5 Million or above

Individuals whose salaries have been paid through UBA for at least 3 months

Follow me

Disclaimer

The content on this site is for informational purposes only. We will not be held liable for decisions users make based off the content on Fatherprada.com. Please do your research before accepting any information as fact.